Ready Meals Market Analysis Report By Distribution Channel, By Product Type, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global ready meals market size was valued at USD 219.69 billion, in 2018. The market is estimated to grow at a CAGR of 4.3% over the forecast years, 2019 to 2025. The increasing food-packaging industry coupled with a rise in demand for less processed and additive-free foods is anticipated to supplement the growth of the market.

Owing to the hectic work schedules and changing lifestyles, consumers are more inclined towards convenient foods as they require less time to prepare. This factor is expected to fuel the demand for ready-to-eat meals during the forecast years. Further, changing food habits and rising demand for frozen meals are also positively affecting the market growth. These foods are more popular in emerging countries than in developed ones. Growing urbanization in emerging countries is positively driving market growth.

The rise in the working population among women has positively affected the market growth. Ready-made meals offer a cost-effective solution and are available throughout the years. Further, manufacturers focus on the effective branding of these products through various e-commerce sites, print media, and other platforms. These advertisements have played a vital role in spreading awareness about such meals, thereby supplementing the market growth.

However, growing awareness about hygiene and safety concerns related to these meals are expected to adversely affect market growth. Further, rising obesity and growing inclination towards fresh and organic foods are likely to pose a threat to the market growth. These challenges have resulted in the introduction of healthier and nutritious foods by manufacturers to stay competitive in the market. 

Product Type Insights

By product type, the ready meals market can be categorized into canned, frozen & chilled, and dried. Among them, frozen & chilled accounted for over 44% of the market share. The high shelf life of frozen & chilled ready meals is attributing to the growth of this segment. Frozen pizza is one of the most consumed meals in this category.

On the other hand, the canned segment is expected to grow with the highest CAGR during forecast years while the dried segment is projected to grow at a significant growth rate. The dried segment includes noodles, instant pasta, and other products. These products are popular in countries such as China, U.K, U.S, and India.

Distribution Channel Insights

The market is segmented into retail & supermarket and online categories based on the distribution channels. Among them, the retail & supermarket segment held the largest market share, in 2018. The growing number of supermarkets in developing countries and the easy availability of a large number of products are primarily driving the sales through this segment.

However, online sales channels are expected to grow at the highest CAGR over the forecast years. The growing number of e-commerce platforms, multi-channel retailing, and online marketing of these products are projected to drive sales through these channels. Further, online platforms offer various promotional offers, discounts, and price comparison options. These factors are likely to affect the growth positively.

Regional Insights

North America occupied the maximum share in the market, in 2018 and the region is expected to exhibit a steady growth rate over the forecast period. Changing lifestyles and hectic work schedules are attributing to the growth of this segment. The Asia Pacific is the second-largest market owing to huge population growth, rising consumers’ purchasing power, and growing awareness about ready meals.

Further, continuously improving living standards in emerging countries such as China and India is projected to positively affect market growth. Europe is likely to grow at a significant growth rate during the forecast period, 2019 to 2025. Growing demand for frozen salads, frozen vegetables, and gluten-free meat is the key factor attributing to the growth of the European region.

Ready Meals Market Share Insights

Key players operating in the market are Nestle, Kraft Heinz Company, Chao Xiang Yuan Food Co. Ltd., BRF S.A., Berkshire, Massa Leve, Green Mills, Tyson Foods, and Dr. Oetker among others. These payers are focusing on various initiatives such as merger & acquisition, product innovation, and partnerships to strengthen their dominance in the market. ConAgra Brands, Inc., a United States-based food company, acquired pinnacle Foods, in 2016 to expand its geographical reach and consumer base. Further, manufacturers are also focusing on quality packaging to extend the shelf life of the product. In this regard, manufacturers are emphasizing collaboration with food packaging firms to find innovative packaging solutions. 

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global ready meals market report based on product type, distribution channel, and region:

• Product Outlook (Revenue, USD Billion, 2015 - 2025)
    • Frozen & chilled Ready Meals
    • Canned Ready Meals
    • Dried Ready Meals

• Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
    • Retail & Supermarket
    • Online Platform

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • U.K
        • France
    • the Asia Pacific
        • China
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa